Directors Duties
Glossary
Director's Duties
Director's duties are the statutory and fiduciary obligations every UK company director owes to the company under the Companies Act 2006 — codified into seven specific duties in sections 171-177.
The seven duties: act within powers (s171), promote the success of the company (s172, the "section 172 duty" considering long-term consequences, employees, suppliers, environment), exercise independent judgement (s173), exercise reasonable care, skill and diligence (s174), avoid conflicts of interest (s175), not accept benefits from third parties (s176), and declare interests in proposed transactions (s177). Breach exposes the director to personal liability — the company (or in insolvency, the liquidator) can sue for losses.
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